Shankar, 35, departed yesterday, said Mark Panday, a
spokesman for UBS in Hong Kong, in a phone interview today. The
Mint newspaper reported earlier today that Shankar, who has been
with UBS since 2004, had quit.

UBS will close its lending business in India to conserve
capital, a person familiar with the matter said on June 21. The
number of employees at UBS’s investment-banking unit in India
has dropped by more than half in the past two years to 10
people, a person with knowledge of the matter said today, asking
not to be identified because the details are confidential.